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2012 SESSION
HB 335 Income tax, state and corporate; deduction for investors in small businesses.
Introduced by: Ronald A. Villanueva | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Individual and corporate income taxes; subtraction for investment in small businesses. Grants an individual and corporate income tax deduction for any income taxed (i) as a gain for federal income tax purposes attributable to an investment in a small business held for a period of at least five years or (ii) as investment services partnership interest income for federal income tax purposes attributable to an investment in a small business. The bill defines a small business as a business having (a) a principal office or facility in the Commonwealth and (b) immediately after and at all times prior to the investment, aggregate assets that totaled less than $50 million in cash plus the aggregate adjusted bases of all other property held by the business. The bill applies to investments in small businesses made on or after January 1, 2012. The deduction is limited to any gain or investment services partnership interest income attributable to the first $500,000 invested by the individual or corporation in the respective small business.
FULL TEXT
HISTORY
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12101427D
- 01/10/12 House: Referred to Committee on Finance
- 02/06/12 House: Stricken from docket by Finance by voice vote